All physical circuits exhibit a propagation delay between the transition of an input and a resulting transition of an output.
The propagation delay (or gate delay) is the length of time which starts when the input to a logic gate becomes stable and valid to change, to the time that the output of that logic gate is stable and valid to change.
Because each logic gate in a circuit has a propagation delay, a signal transition at the input of a circuit cannot immediately cause a change in the logic value of the output of a circuit. Propagation delays ultimately limit the speed at which a circuit can operate.
The determination of the propagation delay of a combined circuit requires identifying the longest path of propagation delays from input to output and by adding each propagation delay along this path.